Euro Pares Recent Gains As Spanish Q2 Unemployment Hits Record Levels

7/27/2012 3:13 AM ET

The euro erased some of its recent gains against most of its major rivals at the beginning of Friday's European session following a report showed that the Spanish jobless rate hit a record level of 24.6 percent in the second quarter.

The common currency is presently quoted at 1.2288 against the US dollar and 96.22 against the yen, down from previous highs of 1.2316 and 96.53, respectively. The single currency also pared a few pips against the sterling, falling to 0.7834 from Asian session's high of 0.7846.